Coinbase CEO Announces: SEC May Ban Staking For Altcoins Like Ethereum

According to Coinbase CEO Brian Armstrong, the US Securities and Exchange Commission (SEC) wants to ban the staking of altcoins such as Ethereum (ETH).

A social media recently shared by Brian Armstrong post It has worried the Ethereum community. In his post, the SEC’s US ether and similar altcoins staking for stop transactions about what you want giving place to rumor Armstrong, the staking process critical to the cryptocurrency community stressed its value.

We’ve been hearing rumors that the SEC is looking to get rid of crypto staking in the US for retail customers. I hope this is not the case, because I believe that if this is allowed to happen, it will be a terrible path for the United States. Staking is a truly significant innovation in crypto. It allows users to directly join working open crypto networks.

For the security of the blockchain network staking service, which has an important role, revenues of crypto companies provides a significant portion. According to the financial statements, staking is approximately the same as Coinbase’s revenue in the third quarter of 2022. %11thcreated his.

In the details of the description government needs to be more constructive especially emphasizing that the US forces crypto companies to operate “offshore” with such deterrent policies and that this is more It will bring destructions like FTX. expressed.

In addition, Ethereum and many other popular cryptocurrencies as a commodity or as a security It has long confused the US state where it will be located. Ultimately, this confusion raises concerns about the correctness of potential decisions to be made.

SEC Chairman Gary Gensler In an earlier statement, Ethereum Commodity Futures Trading Commission (CFTC) Cryptocurrencies providing staking services, even though they are defined as a commodity by Howey test in the scope of securities had been classified as.

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